Federal regulators SEC and CFTC have reaffirmed their commitment to crypto market oversight amid changes in US administration. Despite shifts in priorities, they continue to emphasize the importance of integrity and investor protection.
Crypto Oversight During the Trump Administration
At an event by the American Bar Association in Miami, officials from the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) emphasized that crypto regulation remains a priority. Antonia Apps, acting deputy director of enforcement at SEC, acknowledged changes in priorities but stressed that core enforcement efforts would persist.
Brian Young from the CFTC affirmed the agency's commitment to market oversight, noting a strategic shift focusing on cases likely to return funds to fraud victims.
SEC Scales Back Activity Post-Gensler Era
Notable shifts have been observed with the SEC pausing or withdrawing high-profile cases against major cryptocurrency firms like Coinbase, Robinhood, Gemini, and Uniswap Labs. The agency also dismissed a lawsuit against Kraken and closed an investigation into Yuga Labs. According to the New York Times, SEC plans to scale back a specialized unit of over 50 lawyers focused on crypto enforcement.
Antonia Apps affirmed that despite strategic shifts, SEC remains vigilant in pursuing fraud cases and jurisdictional matters.
SEC Case Statistics and Outcomes
Under former SEC Chair Gary Gensler, crypto enforcement peaked in 2023, but in 2024, case numbers decreased by 30%, marking the first decline since 2021. In 2024, the agency initiated 25 lawsuits in district courts and eight administrative proceedings.
Despite fewer cases, monetary penalties reached a record $4.98 billion, driven by significant settlements.
Despite leadership and strategic changes, SEC and CFTC continue to emphasize the significance of crypto regulation, focusing on protecting investors' rights and ensuring market integrity.
